Savings Services

Saving Services

Your savings are Federally insured up to $250,000 by the National Credit Union Administration (NCUA). We offer single, joint, trust, business and organization accounts. We offer full family membership. The Board of Directors declares all dividends based on the earnings of the credit union. We offer a variety of accounts to meet all your financial needs.

Share Savings Account

By opening a Share Savings Account, you establish membership with the credit union. To become a member of the Mohawk Progressive Federal Credit Union, you must open your account with a deposit of at least $5.00. You must maintain this balance to use any other credit union services. Payroll deduction and direct deposit are available. You will receive a statement at least quarterly. Dividends are calculated on the average daily balance, compounded quarterly and credited on the first day of the next quarter.

Share Draft Account

This is the credit union term for checking. There is no minimum balance requirement. No monthly service charge and no per check fees. For personal accounts, the first 50 checks are FREE. Overdraft privileges are available with limits up to $2,000.00. VISA ATM/Debit cards are available. With a credit union Share Draft Account, you will always have a carbonless copy of each check you write with our duplicate check style. The charge for your checks vary, depending on the style you select. Payroll deduction and direct deposit are available.

Holiday Club

This account is a convenient way to save for those many holiday expenses. You may start a holiday club anytime, but to get a full year of contributions you need to start by the first pay period in October. Checks are automatically sent out as soon after September 30 as possible. Deposits may be made at any time through payroll deduction, direct deposit, by transfer on line, by mail or right at the credit union office. Dividends are calculated on the average daily balance, compounded quarterly and credited on the first day of the next quarter.

Vacation Club

This club is a great way to save for that long awaited vacation. Start it anytime. Withdraw it any time. You decide. Deposits may be made at any time through payroll deduction, direct deposit, by transfer on line, by mail or right at the credit union office. Dividends are calculated on the average daily balance, compounded quarterly and credited on the first day of the next quarter.

Escrow Savings Account

Whether your mortgage is paid or not, this account is for you. Put your tax money in an account that pays a dividend. You make the tax payments from this account. Deposits may be made at any time through payroll deduction, direct deposit, by transfer on line, by mail or right at the credit union office.Dividends are calculated on the average daily balance, compounded quarterly and credited on the first day of the next quarter.

Escrow Tax Account

This escrow account is used for members who are required to escrow their taxes for a home equity loan they have at the credit union. Payments to this account are made from your home equity loan payment. Dividends are calculated on the average daily balance, compounded quarterly and credited on the first day of the next quarter.

Money Market Accounts

The minimum required to open this account is $1,000.00. You must maintain this balance to avoid a service fee. During any month, you may not make more than three withdrawals or transfers. The minimum withdrawal for this account is $250.00, and after the initial deposit of $1,000.00, deposits must be for at least $50.00. Fees will be charged if your account falls below the required minimum. Dividends are calculated on the average daily balance, compounded monthly and credited on the last day of each month.

Term Share (Certificate) Account

By purchasing a Term Share Certificate, you are guaranteed a fixed rate of interest for a specific period of time. Minimum balance of our certificates is $1,000. Our terms are 6, 12, 24, 36 or 48 months. Competitive rates. They are non-renewable, unless otherwise specified. Penalty will apply if redeemed before maturity. Dividends are calculated on the average daily balance, compounded quarterly, paid on the last day of the quarter and/or at maturity.

IRA Share Account – Traditional, Roth or Educational

A deposit in an IRA Share Account allows you to build retirement dollars and defer taxes on the dividends you earn. This account is insured up to $250,000 by the National Credit Union Administration (NCUA). Competitive rates. Contact your tax advisor as to the deductibility of your contribution. Deposits may be made at any time through payroll deduction, direct deposit, by transfer on line, by mail or right at the credit union office.Dividends are calculated on the average daily balance, compounded quarterly and credited the first day of the next quarter.

IRA Term Share(Certificate)Account – Traditional, Roth or Educational

Minimum balance of our IRA Certificates is $1,000. Terms are 12, 24 or 36 months. This account is insured up to $250,000 by the National Credit Union Administration (NCUA). Competitive rates. They are non-renewable, unless otherwise specified. Penalty will apply if redeemed before maturity.Dividends are calculated on the average daily balance, compounded quarterly, paid on the last day of the quarter and/or at maturity. Consult your tax advisor as to the deductibility of your contribution.

Your Federal Share Insurance

Your savings are insured by the National Credit Union Administration (NCUA), an agency of the United States Government, up to $250,000. IRA’s are insured for an additional $250,000. A three-member board appointed by the President of the United States governs the National Credit Union Administration. NCUA is the independent federal agency that charters and supervises federal credit unions. NCUA, with the backing of the full faith and credit of the U.S. government, operates the National Credit Union Share Insurance Fund (NCUSIF), insuring the savings of over 80 million account holders in all federal credit unions and many state chartered credit unions. Check with your credit union to find out how we insure your shares and how you can maximize your coverage.